Microsoft To Acquire LinkedIn, Jeff Weiner Will Still Be The CEO

This makes up the most significant news of the day, and also a surprising one. The software and cloud ruler Microsoft has announced its plans to acquire the social networking service website LinkedIn. The news broke a few hours ago, when the Microsoft officially released the information on their site- the <a href="https://news.microsoft.com/2016/06/13/microsoft-to-acquire-linkedin/#sm.00001g43092add6mr8w1v3v8db8qg" target="_blank" rel="nofollow noopener noreferrer">Microsoft to acquire LinkedIn - Stories</a>.

According to the news, both the companies have entered into a "definitive agreement". The deal valued at $26.2 billion (that's roughly Rs 1760 Crores), is an all cash transaction. LinkedIn will still possess its unique brand and culture. Even after the acquisition, Jeff Weiner, the current CEO of LinkedIn will remain the CEO and report to Microsoft CEO Satya Nadella, to remain an independent company. The deal is backed by founder Reid Hoffman. The all-cash transaction will see Microsoft buying LinkedIn shares at $196 (Rs 13,170) per share.

The deal will surely help both the companies in many ways. Microsoft is known for its monopoly in software and cloud computing sector. It has also been known for its Azure division, which was formerly lead by Satya Nadella, the current CEO of the multi-national company. LinkedIn happens to be the most popular business oriented social networking site, with 106 million active users, and total of 400 million users as of March 2016. And the number is increasing rapidly. The deal will help both the major companies to harness each others resources and recognition to add more productivity in business. Here's a video from the joint conference call held earlier this day.
Stay in touch with CrazyEngineers for latest update on tech stuff.